4MJ: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
What changed
4MJ
NACE 68.310, Real estate agency activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€51,492
2024 · €14,232+€37,260
Equity
€1.3m
2024 · €1.3m+€41,492
Cash
€475
2024 · €20,321-€19,846
Balance sheet total
€5.3m
2024 · €5.5m-€155,384
Largest movements
Assets
- Tangible fixed assets -€186,420
down €186,420 (-4.7%), from €3.9m to €3.8m
of which Land and buildings: -€184,415
Equity and liabilities
- Debts after one year -€210,697
down €210,697 (-8.2%), from €2.6m to €2.3m
- Other debts -€57,832
down €57,832 (-62.9%), from €91,982 to €34,150
Income statement
- Financial charges -€44,614
down €44,614 (-30.8%), from €144,863 to €100,248
- Depreciation -€12,688
down €12,688 (-5.9%), from €216,610 to €203,921
- Financial income -€9,760
down €9,760 (-28.6%), from €34,156 to €24,396
- Taxes +€4,590
up €4,590 (+14.5%), from €31,706 to €36,295
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Result 2024
€14,232
Gross operating margin
-€3,675
Depreciation
+€12,688
Other operating charges
+€1,914
Financial income
-€9,760
Financial charges
+€44,614
Taxes
-€4,590
Deferred taxes and other
-€3,933
Result 2025
€51,492
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€211,749
Investment
-€17,501
Financing
-€214,094
Cash 2024
€20,321
From operations (derived)
+€211,749
Net result for the year
+€51,492
Depreciation
+€203,921
Receivables within one year
-€46,298
Deferred charges and accrued income
-€4,584
Provisions
-€2,761
Trade debts
+€46,615
Tax, wage and social debts
+€23,589
Other debts
-€57,832
Accrued charges and deferred income
-€2,393
Investment (derived)
-€17,501
Investment in fixed assets (net)
-€17,501
Financing
-€214,094
Debts after one year
-€210,697
Current portion of long-term debt
+€14,974
Short-term financial debts
-€8,371
Contributions, distributions and other
-€10,000
Cash 2025
€475
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,496,552 | €5,341,167 | -€155,384 | -2.8% |
| Fixed assets | 21/28 | €3,943,318 | €3,756,898 | -€186,420 | -4.7% |
| Tangible fixed assets | 22/27 | €3,943,318 | €3,756,898 | -€186,420 | -4.7% |
| Land and buildings | 22 | €3,893,013 | €3,708,598 | -€184,415 | -4.7% |
| Plant, machinery and equipment | 23 | €7,319 | €5,895 | -€1,424 | -19.5% |
| Furniture and vehicles | 24 | €42,986 | €42,405 | -€581 | -1.4% |
| Current assets | 29/58 | €1,553,234 | €1,584,269 | +€31,036 | +2.0% |
| Amounts receivable after more than one year | 29 | €1,400,000 | €1,400,000 | = | 0.0% |
| Other amounts receivable | 291 | €1,400,000 | €1,400,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €122,669 | €168,967 | +€46,298 | +37.7% |
| Trade receivables | 40 | €122,496 | €158,349 | +€35,853 | +29.3% |
| Other amounts receivable | 41 | €174 | €10,618 | +€10,444 | +6,019% |
| Cash at bank and in hand | 54/58 | €20,321 | €475 | -€19,846 | -97.7% |
| Deferred charges and accrued income | 490/1 | €10,244 | €14,828 | +€4,584 | +44.7% |
| Total equity and liabilities | 10/49 | €5,496,552 | €5,341,167 | -€155,384 | -2.8% |
| Equity | 10/15 | €1,283,830 | €1,325,322 | +€41,492 | +3.2% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €1,283,727 | €1,325,219 | +€41,492 | +3.2% |
| Tax-exempt reserves | 132 | €567,676 | €559,392 | -€8,284 | -1.5% |
| Distributable reserves | 133 | €716,051 | €765,826 | +€49,776 | +7.0% |
| Profit (loss) carried forward | 14 | €102 | €102 | = | 0.0% |
| Provisions and deferred taxes | 16 | €189,225 | €186,464 | -€2,761 | -1.5% |
| Deferred taxes | 168 | €189,225 | €186,464 | -€2,761 | -1.5% |
| Amounts payable | 17/49 | €4,023,497 | €3,829,382 | -€194,115 | -4.8% |
| Amounts payable after more than one year | 17 | €2,557,353 | €2,346,655 | -€210,697 | -8.2% |
| Financial debts | 170/4 | €2,557,353 | €2,346,655 | -€210,697 | -8.2% |
| Amounts payable within one year | 42/48 | €1,457,387 | €1,476,363 | +€18,975 | +1.3% |
| Current portion of amounts payable after more than one year | 42 | €1,217,109 | €1,232,083 | +€14,974 | +1.2% |
| Financial debts | 43 | €22,894 | €14,523 | -€8,371 | -36.6% |
| Credit institutions | 430/8 | €22,894 | €14,523 | -€8,371 | -36.6% |
| Trade debts | 44 | €52,248 | €98,863 | +€46,615 | +89.2% |
| Suppliers | 440/4 | €52,248 | €98,863 | +€46,615 | +89.2% |
| Taxes, remuneration and social security | 45 | €73,155 | €96,743 | +€23,589 | +32.2% |
| Taxes | 450/3 | €67,435 | €96,743 | +€29,309 | +43.5% |
| Remuneration and social security | 454/9 | €5,720 | €0 | -€5,720 | -100% |
| Other amounts payable | 47/48 | €91,982 | €34,150 | -€57,832 | -62.9% |
| Accrued charges and deferred income | 492/3 | €8,756 | €6,364 | -€2,393 | -27.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €216,610 | €203,921 | -€12,688 | -5.9% |
| Other operating charges | 640/8 | €56,259 | €54,344 | -€1,914 | -3.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €422,819 | €419,144 | -€3,675 | -0.9% |
| Operating profit (loss) | 9901 | €149,951 | €160,879 | +€10,928 | +7.3% |
| Financial income | 75/76B | €34,156 | €24,396 | -€9,760 | -28.6% |
| Recurring financial income | 75 | €34,156 | €24,396 | -€9,760 | -28.6% |
| Financial charges | 65/66B | €144,863 | €100,248 | -€44,614 | -30.8% |
| Recurring financial charges | 65 | €144,863 | €100,248 | -€44,614 | -30.8% |
| Profit (loss) for the period before taxes | 9903 | €39,244 | €85,026 | +€45,782 | +117% |
| Transfer from deferred taxes | 780 | €6,694 | €2,761 | -€3,933 | -58.7% |
| Income taxes | 67/77 | €31,706 | €36,295 | +€4,590 | +14.5% |
| Profit (loss) for the period | 9904 | €14,232 | €51,492 | +€37,260 | +262% |
| Transfer from tax-exempt reserves | 789 | €20,081 | €8,284 | -€11,798 | -58.7% |
| Profit (loss) for the period to be appropriated | 9905 | €34,313 | €59,776 | +€25,462 | +74.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.